There’s a divide in the forex market today between market makers and ECNs. The market makers may have made money because they could have been on the other side of client trades in EUR/CHF.
Excel Markets is an ECN and was unable to offload client positions when the market gapped. It closed its doors today.
GAIN, which operates forex.com, is a market maker. GAIN said, “based on its current market and credit exposure, GAIN does not expect today’s market events to have a material adverse financial impact.”
Separately, Plus500 reported that they made money today.
Plus500 related that it is “is pleased to confirm to the market that this has had no material impact on the Company’s financial and trading position”. They added that the broker was profitable on the day, which they tied to “robustness of its risk management policies and processes which effectively managed the Company’s exposure to the Swiss Franc”